Business Standard

Alibaba Group Holding has lost $344 billion in world's biggest wipeout

Despite a 30 per cent recovery from Oct. 5, the stock is still 43 per cent lower than its October 2020 peak.

The logo of Alibaba Group is seen at the company's headquarters in Hangzhou, Zhejiang province, China
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The logo of Alibaba Group is seen at the company's headquarters in Hangzhou, Zhejiang province, China

Jeanny Yu | Bloomberg
Few people could have predicted the downward spiral for Alibaba Group Holding, when founder Jack Ma delivered a blunt criticism of China’s financial system last October. 
 
Yet one year on, the technology titan has lost a whopping $344 billion in market capitalisation — the biggest wipe-out of shareholder value globally, according to data compiled by Bloomberg. Shortly after the now infamous speech, Beijing suspended the listing of its fintech arm Ant Group and has since followed up with a widespread crackdown on the country’s most vibrant sectors — causing Chinese stocks to tank. 
 
Alibaba shares sank from an all-time high

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First Published: Oct 26 2021 | 1:57 AM IST

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